How to Start a New Budget for the New Year

New Year’s Resolutions are an important part of new beginnings. Each year, as the new year approaches, we promise ourselves that we will work hard to achieve our goals for the year ahead. Out of all the resolutions promised, a common one is related to saving money or budgeting. After all, most of us deal with the usual financial woes of not making or saving enough.

This is an especially important way to start the upcoming year. Having a budget and plan to stick to from the very start ensures fewer chances of struggling through financial crises, and cash emergencies.

Here are simple and easy steps on how you can start a budget as 2021 begins:

Gather the Data

You want your budget to be as honest and realistic as possible. This means you should be clear on your financial goals, and your spending and saving plans.

In order to be accurate with your budget, put all your expenses out there. That included your bank statements, investment accounts, bills or mortgages, credit card billing history, and receipts. Now take a look at everything and write down the total monthly expense. The more information you have, the better your analysis will be.

Income Calculation

What is your income exactly, after taxes are deducted? You need to know this important number and also add any financial support you get, so you know your net disposable income. If you have a varying income, use the lowest monthly figure for a safe baseline for your budget.

Monthly Expenses

Now it is time to jot down all the ways you spend your money in a month. This includes bills for groceries, utilities, maintenance, as well as your personal spending on entertainment, shopping, eating out, and more. You need to identify your personal spending habits here too.

Fixed and Variable Expenses

Now you must differentiate between fixed and variable expenses. Fixed expenses are the necessary monthly or yearly payments that are fixed and also permanent. This includes rent for home, car, tuition fees, internet services, etc. Whereas variable expenses are the ones that can change every month depending on how you choose, for instance, grocery, personal entertainment, gifts, dining out, etc.

Assign A Spending Value

Set a value for how much you spend on average, on both categories of expenses. This gives you an estimate of how you use your income and also how much room you have for saving or spending some more.

If your income is still higher than all your spending and you don't run behind on credit card bills- this is a good sign for your budget plans. If you have extra money remaining even after totaling all the income and expenses, you can put it in an emergency saving fund, which is an essential part of having a good budget plan.

Make Adjustments

The entire purpose of this exercise is not just to give you a clear picture of your spending, but also in helping you adjust your habits where possible. Simply find the areas in your variable expenses where you can cut down. Or eliminate an entire category if it has been damaging your budget and if the benefits are not enough. For instance, a gym membership you barely use.

Get a Title Loan

The options listed above are great ways of building a new budget for the new year. However, in life, there are many unpredictable circumstances where you absolutely need immediate cash, and a title loan can help. Emergencies such as sudden medical bills or necessary house or car repairs can quickly put you in a financial situation.

Sometimes there's no way out of such situations. But there is a simple, easy, and quick solution for getting instant cash for your car, getting a title loan.

Use Missouri Title Loans

When you find yourself in a tight spot financially, and need immediate cash, using a Missouri title loan can help ease the financial burden.

Benefits of Title Loans Near Me

1. Easy and Quick

   The greatest advantage of car title loans is how easily obtainable they are and that they ensure immediate cash payment. Using Missouri Title Loans is a very simple process. All you need to do is fill out an online application form and there is no need for a store visit. Once your loan has been approved, the cash is transferred to your account almost instantaneously. There is also zero hassle of crushing paperwork and the whole process will be finished in less than 30 minutes.

2. No Credit Checks

   Another plus of getting a title loan is that there are hardly any credit checks. While most traditional lenders require good credit history, getting a title loan has no such requirements. Your car is a good enough asset and insurance to get a title loan.

3. Easy Payback

   There are a number of payback and installment options that you can easily choose from.

4. You Can Keep On Using Your Car

   If you receive a title loan, your car will not be taken during the loan period, and you will be free to keep on using it as long as you make the payments on time.

5. How to Acquire an Online Title Loan

   To acquire a title loan, you can either go the old-fashioned way by visiting a title loan store or you can simply do it online at MissouriTitleLoansInc.com

• If you live in Missouri then visit MissouriTitleLoansInc.com.
• Go to the website and fill out the online form.
• You will then get a call from their representative to set up a meet at a place of your choosing.
• Their representative will visit you to check your car along with the car’s title and your state ID.
• The representative will establish the loan amount and complete your application.
• Once everything is in order, the amount will be transferred to your bank account the same day.

What A Car Title Loan Can Be Used For

Title loans can be used for a variety of purposes, but mostly for covering emergencies and short-term expenses.

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.